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We all know California is broke, but not everyone in that state is acting like it. One thousand employees at the state legislature are getting a raise approved by the state senate and the assembly. Among those getting raises, 10% of those people earn over $100k per year. In addition, the California State Park division has been crying poverty and threatening to cut services and close parks, not to mention their asking for donations. While the California Parks Department is screaming for help, it turns out they had a $54 million surplus stashed away. In the wake of this news, the department’s director has resigned. Ed Butowsky, wealth manager, financial advisor, and managing partner of Chapwood Investment Management, joins Fox Business’ Varney & Company to discuss how California could afford to pay raises to its government employees, yet still remain severely troubled economically.
Ed Butowsky is the managing partner of Chapwood Investment Management and is an internationally recognized expert in the investment wealth management industry. Ed is also a frequent guest on other networks such as CNN, NBC, ABC, Fox News, Fox Business, and Bloomberg to name a few.